Five years later, Murdoch's News Corp. is now planning to split News Corp. into two parts: The "good businesses" part, which will contain News Corp's TV assets, and the "crappy businesses" part, which will contain the newspapers and book-publishing assets.

The latter company will hold the Wall Street Journal. But it will also hold all of the other newspapers that Rupert Murdoch owns, along with Harper-Collins and other assets.

The entity, Goldman says, will generate about $1 billion of EBITDA (a measure of cash flow). The New York Times trades at about 5X EBITDA, Goldman says, so that's about where News Corp.'s newspapers will trade.

In other words, all of News Corp's newspapers, along with its book publishing house, will be worth the same amount that Murdoch paid for the Wall Street Journal five years ago.